SA
Situational Awareness LP Quarterly 13F Holdings Update
Situational Awareness LPCIK: 0002045724
High-turnover traderSector-focusedContrarian
Total reported value
$13.7B
Reporting period: 2026-03-31 · Number of holdings: 42
Situational Awareness LP disclosed 42 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $13.7B and a quarterly turnover rate of 131.5%.
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Personality snowflake
- Concentration
- 32.03
- Portfolio Stability
- 100
- Momentum/Contrarian
- 0
- Sector conviction
- 100
- Diversification
- 58
- Sizing Uniformity
- 88.3
Situational Awareness LP's disclosed holdings carry a Herfindahl concentration index of 0.080 — mathematically equivalent to about 12 equally-sized positions, well below its 42 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.17), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 3.0 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 49% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Recent moves
Trim CRWV
-46.8% -$514.5M
Trim INTC
-81.2% -$578.7M
Trim BE
-34.2% $23.1M
Trim CORZ
-9.6% -$29.6M
Add SNDK
+66.2% $862.9M
Trim IREN
+34.5% $72.4M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Situational Awareness LP executes a ruthless capital rotation this quarter, converting its entire book into a concentrated semiconductor and IT infrastructure bet. The firm discards prior positions to establish a tactical basket anchored by the SMH ETF at 15.01%, NVDA, TSM, ORCL, and AMD. This is pure sector conviction, not passive indexing.
Macro & Fundamentals
The play bets that capex cycles for AI hardware and enterprise software will outpace broader market rallies, capturing beta via SMH while isolating alpha through top-tier chipmakers and cloud vendors. The opposing thesis argues semiconductor valuations are stretched and a liquidity trap is brewing as rate volatility compresses multiple expansion across the entire tech stack.
Blind Spots / Risks
Turnover ratios exceeding 1.3 paired with a near-zero momentum score mean this book carries zero institutional tailwind. When macro flows dry up or funds shift into rate-sensitive sectors, positioning squeezes will punish heavy long-side exposure and rapid churning costs simultaneously. The structural vulnerability lies in the collision between maximum sector allocation, an ETF anchor, and zero trend alignment.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 29 holdings (of 42 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SMH | Vaneck Semiconductor ETF | ETF-Other | 15.01% | +15.01% | NEW | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 11.47% | +11.47% | NEW | |
| 3 | SNDK | Sandisk CORP | Stock-Tech | 8.14% | +3.60% | +66.19% | |
| 4 | ORCL | Oracle CORP | Stock-Tech | 7.84% | +7.84% | NEW | |
| 5 | MU | Micron Technology INC | Stock-Tech | 7.40% | +7.40% | NEW | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 7.36% | +7.36% | NEW | |
| 7 | AMD | Advanced Micro Devices | Stock-Tech | 7.23% | +7.23% | NEW | |
| 8 | BE | Bloom Energy Corp- A | Stock-Industrials | 6.83% | -9.68% | -34.25% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 6.56% | +6.56% | NEW | |
| 10 | CRWV | Coreweave Inc-cl A | Stock-Tech | 5.09% | -16.86% | -46.83% | |
| 11 | ASML | ASML Holding N.V. | Stock-Tech | 3.66% | +3.66% | NEW | |
| 12 | IREN | Iren LTD F | Stock-Other | 2.93% | -3.03% | +34.46% | |
| 13 | CORZ | Core Scientific INC | Stock-Tech | 2.84% | -4.75% | -9.56% | |
| 14 | APLD | Applied Digital CORP | Stock-Tech | 2.34% | -2.70% | +18.87% | |
| 15 | INTC | Intel CORP | Stock-Tech | 1.23% | -12.31% | -81.18% | |
| 16 | RIOT | Riot Platforms INC | Stock-Financials | 1.04% | -0.38% | +86.49% | |
| 17 | CLSK | Cleanspark INC | Stock-Financials | 0.76% | +0.46% | +648.36% | |
| 18 | SEI | Solaris Energy Infrastructur | Stock-Energy | 0.46% | -1.10% | -40.77% | |
| 19 | TE | T1 Energy INC | Stock-Other | 0.32% | +0.32% | NEW | |
| 20 | 1B2 | Bitfarms Ltd/canada | Stock-Other | 0.28% | -0.01% | +188.18% | |
| 21 | ✓ | Bitdeer Technologies Group | Stock-Other | 0.22% | -0.14% | +92.36% | |
| 22 | PSIX | Power Solutions Internationa | Stock-Other | 0.19% | -0.26% | — | |
| 23 | GLW | Corning INC | Stock-Tech | 0.16% | +0.16% | NEW | |
| 24 | ✓ | Whitefiber INC Shs | Stock-Other | 0.15% | -0.35% | — | |
| 25 | BW | Babcock & Wilcox Enterpr | Stock-Other | 0.15% | -0.01% | — | |
| 26 | SHAZ | Sharonai Holdings INC | Stock-Other | 0.13% | +0.13% | NEW | |
| 27 | PUMP | Propetro Holding CORP | Stock-Other | 0.10% | -0.06% | — | |
| 28 | INFY | Infosys Ltd-sp Adr | Stock-Tech | 0.05% | -0.11% | — | |
| 29 | HIVE | Hive Digital Technologies Lt | Stock-Other | 0.05% | +0.05% | NEW |
Portfolio Performance
Performance for Q3 2026
-9.5%
Performance Last 4 Quarters
+111.7%
Based on 81% of reported portfolio value with available pricing
- Stdev
- +68.4%
- Beta
- +4.15
- Alpha
- +19.3%
- Max Drawdown
- -17.7%
- Annualized Perf
- +108.7%
- Batting Avg vs S&P
- +58.8%
- Sortino
- +4.06
- Stutzer
- +0.45
- Treynor
- +0.23
- Sterling
- +3.92
- Calmar
- +6.12
- Information Ratio
- +1.33
- Tracking Error
- +57.4%
- Stdev Down
- +23.2%
- Winning Months %
- +58.8%
- Losing Months %
- +41.2%
- Best 12 Months
- +236.2%
- Worst 12 Months
- +104.4%
- Efficiency Ratio
- +0.72
- Sharpe
- +1.38
- Stdev Sectors
- 0%
- Skewness
- +1.22
- Kurtosis
- +1.9
- Upside Potential
- +5.92
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Situational Awareness LP's most significant position changes for 2026-03-31: New buy: Vaneck Semiconductor ETF (SMH); New buy: Nvidia CORP (NVDA); New buy: Oracle CORP (ORCL); New buy: Micron Technology INC (MU); New buy: Broadcom INC (AVGO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SNDK | Sandisk CORP | +3.6% | +66.19% | Add |
| 2 | CLSK | Cleanspark INC | +0.5% | +648.36% | Add |
| 3 | 1B2 | Bitfarms Ltd/canada | 0% | +188.18% | Add |
| 4 | BW | Babcock & Wilcox Enterpr | 0% | — | Unchanged |
| 5 | PUMP | Propetro Holding CORP | -0.1% | — | Unchanged |
| 6 | INFY | Infosys Ltd-sp Adr | -0.1% | — | Unchanged |
| 7 | ✓ | Bitdeer Technologies Group | -0.1% | +92.36% | Add |
| 8 | PSIX | Power Solutions Internationa | -0.3% | — | Unchanged |
| 9 | ✓ | Whitefiber INC Shs | -0.4% | — | Unchanged |
| 10 | RIOT | Riot Platforms INC | -0.4% | +86.49% | Add |
| 11 | SEI | Solaris Energy Infrastructur | -1.1% | -40.77% | Trim |
| 12 | APLD | Applied Digital CORP | -2.7% | +18.87% | Add |
| 13 | IREN | Iren LTD F | -3% | +34.46% | Add |
| 14 | CORZ | Core Scientific INC | -4.8% | -9.56% | Trim |
| 15 | BE | Bloom Energy Corp- A | -9.7% | -34.25% | Trim |
| 16 | INTC | Intel CORP | -12.3% | -81.18% | Trim |
| 17 | CRWV | Coreweave Inc-cl A | -16.9% | -46.83% | Trim |
| 18 | SMH | Vaneck Semiconductor ETF | — | NEW | New buy |
| 19 | NVDA | Nvidia CORP | — | NEW | New buy |
| 20 | ORCL | Oracle CORP | — | NEW | New buy |
| 21 | MU | Micron Technology INC | — | NEW | New buy |
| 22 | AVGO | Broadcom INC | — | NEW | New buy |
| 23 | AMD | Advanced Micro Devices | — | NEW | New buy |
| 24 | TSM | Taiwan Semiconductor-sp Adr | — | NEW | New buy |
| 25 | ASML | ASML Holding N.V. | — | NEW | New buy |
| 26 | LITE | Lumentum Holdings INC | — | EXIT | Sold out |
| 27 | EQT | Eqt CORP | — | EXIT | Sold out |
| 28 | CIFR | Cipher Digital INC | — | EXIT | Sold out |
| 29 | COHR | Coherent CORP | — | EXIT | Sold out |
| 30 | TSEM | Tower Semiconductor Ltd. | — | EXIT | Sold out |
| 31 | KRC | Kilroy Realty CORP | — | EXIT | Sold out |
| 32 | TE | T1 Energy INC | — | NEW | New buy |
| 33 | HUT | Hut 8 CORP | — | EXIT | Sold out |
| 34 | GLW | Corning INC | — | NEW | New buy |
| 35 | SHAZ | Sharonai Holdings INC | — | NEW | New buy |
| 36 | LBRT | Liberty Energy INC | — | EXIT | Sold out |
| 37 | HIVE | Hive Digital Technologies Lt | — | NEW | New buy |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-18 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
FAQ
What is Situational Awareness LP and what type of investor is it?
Situational Awareness LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $13.7B, spread across 42 disclosed positions.
What are Situational Awareness LP's largest equity positions?
Based on the latest 13F filing, Situational Awareness LP's top holdings by market value are:
1. Vaneck Semiconductor ETF (SMH) — $2.1B (15.0%)
2. Nvidia CORP (NVDA) — $1.6B (11.5%)
3. Sandisk CORP (SNDK) — $1.1B (8.1%)
4. Oracle CORP (ORCL) — $1.1B (7.8%)
5. Micron Technology INC (MU) — $1.0B (7.4%)
What changes did Situational Awareness LP make in its most recent portfolio filing?
In the latest reported quarter, Situational Awareness LP made 32 notable position adjustments: 12 new positions were initiated, 7 existing holdings were added to, 5 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: Vaneck Semiconductor ETF (SMH); New buy: Nvidia CORP (NVDA); New buy: Oracle CORP (ORCL); New buy: Micron Technology INC (MU); New buy: Broadcom INC (AVGO)
What sectors does Situational Awareness LP focus on?
Situational Awareness LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 100.0%
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